Huize Holding (HUIZ) Q1 2025 earnings summary

Executive summary

• Achieved operating revenue of over RMB 284 million in Q1 2025, with gross written premiums (GWP) up 37.8% sequentially to RMB 1,437.3 million and first-year premiums up 30.9% to RMB 730.4 million.

• Added 390,000 new customers, bringing the total user base to 11 million; long-term insurance products accounted for over 90% of total GWP.

• Proprietary AI solutions and automation enhanced productivity, customer experience, and reduced manual workloads, including a 24/7 AI-powered portal and automated claims processing.

• International business, especially in Vietnam, showed strong growth, with policy count up 29% and premium/revenue up 35%/34% year-over-year.

• Persistency ratios for long-term life and health insurance products remained above 95%.

Financial highlights

• Operating revenue was RMB 284 million for Q1 2025, down 8.5% year-over-year.

• Gross written premiums reached RMB 1,437.3 million, up 37.8% sequentially but down 16.3% year-over-year; first-year premiums were RMB 730.4 million, up 30.9% sequentially but down 14.8% year-over-year.

• Cash and cash equivalents stood at RMB 201.7 million (USD 28 million) as of March 31, 2025.

• Total operating expenses fell by 29% sequentially, improving the expense-to-income ratio to 29.1%.

• Net loss attributable to common shareholders was RMB 8.6 million, compared to a net profit of RMB 6.9 million in Q1 2024.

Outlook and guidance

• Q1 2025 is expected to be the lowest point for the year, with Q2 showing decent momentum and Q3 anticipated to be strong due to expected pricing rate cuts.

• International expansion, especially in Singapore and the Philippines, is on track, with Singapore operations expected by Q3 2025.

• Management expects continued integration of AI to drive operational efficiency and cost savings.

• Targeting 30% of total revenue from international markets by 2026.